Malaysian Buy-Now-Pay-Later fintech platform Split generates US$2.48mil revenue for businesses
As seen in Digital News Asia published on 22 Jan 2021
Malaysia’s first channel-agnostic “Buy Now Pay Later” (BNPL) fintech platform, Pay with Split (Split), has been successful at generating US$2.48 million (RM10 million) in revenue for Malaysian businesses “in a matter of months”.
Split works by enabling merchants to offer up to three interest-free instalments to their customers, which customers can repay using any debit or credit card from any local bank (hence “buy now, pay later”). The platform guarantees a transparent shopping experience without hidden costs or budget constraints.
Since April 2020, Split has signed more than 250 Malaysian brands, including merchants the likes of Dyson, Switch, Lorna Jane and Gamers Hideout. Being channel-agnostic, Split can be used on e-commerce platforms and offline stores, but also on social media platforms, chat applications and live streams.
The platform is backed by Silicon Valley-based 500 Startups and global talent investor Entrepreneur First.
“We created Split to provide a win-win solution to both merchants and their customers. During this difficult time, we want to financially empower consumers to worry less about affordability and instead shop with confidence,” says Split cofounder Dylan Tan.
“As our platform also allows shoppers to make purchases with debit cards, Split opens up to merchants a massive untapped segment of consumers who can now access instalment payments for the first time. We want to disrupt the traditional credit card model by offering consumers an alternative that is accessible, interest-free and does not charge them penalties for having an outstanding balance. Malaysians will find that our model is very consumer-friendly and that’s entirely by design.”
Malaysian Buy-Now-Pay-Later fintech platform Split generates US$2.48mil revenue for businesses
As seen in Digital News Asia published on 22 Jan 2021
Malaysia’s first channel-agnostic “Buy Now Pay Later” (BNPL) fintech platform, Pay with Split (Split), has been successful at generating US$2.48 million (RM10 million) in revenue for Malaysian businesses “in a matter of months”.
Split works by enabling merchants to offer up to three interest-free instalments to their customers, which customers can repay using any debit or credit card from any local bank (hence “buy now, pay later”). The platform guarantees a transparent shopping experience without hidden costs or budget constraints.
Since April 2020, Split has signed more than 250 Malaysian brands, including merchants the likes of Dyson, Switch, Lorna Jane and Gamers Hideout. Being channel-agnostic, Split can be used on e-commerce platforms and offline stores, but also on social media platforms, chat applications and live streams.
The platform is backed by Silicon Valley-based 500 Startups and global talent investor Entrepreneur First.
“We created Split to provide a win-win solution to both merchants and their customers. During this difficult time, we want to financially empower consumers to worry less about affordability and instead shop with confidence,” says Split cofounder Dylan Tan.
“As our platform also allows shoppers to make purchases with debit cards, Split opens up to merchants a massive untapped segment of consumers who can now access instalment payments for the first time. We want to disrupt the traditional credit card model by offering consumers an alternative that is accessible, interest-free and does not charge them penalties for having an outstanding balance. Malaysians will find that our model is very consumer-friendly and that’s entirely by design.”
